Bank Wants Nkangi Declared Bankrupt

By Vision Reporter THE Development Finance Bank Uganda Limited (DFCU), has applied to the High court to have the Constitutional Affairs Minister, Jahoash Mayanja Nkangi, declared bankrupt. The bank said Nkangi had failed to pay sh45m overdraft he obtained in 1999 from the then Trust Bank. DFCU bought Trust Bank in 2000, taking all its liabilities and assets. The application notice comes a few months after court ordered Mayanja to pay back money as an outstanding amount. The money is reported to have accumulated from sh2,300,000. According to the bank's lawyers, Kituuma-Magala and Company Advocates, the minister on his own request applied for the overdraft in February 10,1999, but failed to repay it. This is a continuing overdraft increasing at a rate of 24% per annum. "Take notice that within seven days after the service of the notice, you must pay to DFCU plus interest of 24% per annum from the date of filling," a bankruptcy notice signed by the deputy registrar stated. Kituuma Magala said the case was to be heard on July 10, before Justice Okumu Wengi of the High Court. The New Vision learnt that the Nkangi was served with the application which he accepted. The case filed early this year, was heard within a month and judgement entered against Nkangi in which he was ordered to pay the owed monies but which he failed accomplish. Ends